Cardano impresses, ADA disappoints as Valentine upgrade nears

Cardano had a busy week leading up to its Valentine Upgrade.
ADA’s performance disappointed investors.

Cardano [ADA] released the latest edition of its weekly report on 10 February, which highlighted the network’s notable developments and updated statistics.

For instance, the number of native tokens reached 7.72 million while the total number of transactions reached 60.9 million. Moreover, the total number of projects building on the network exceeded 1200, while the total number of projects launched on Cardano remained at 116.

See the full report for more details on what the IOG dev team has been up to and get the latest on our development progress.#Cardano #blockchain $ADA https://t.co/vwfY0HSw4k

— Input Output (@InputOutputHK) February 10, 2023

How much are 1,10,100 ADAs worth today?

Yet another week full of excitement

Last week, in anticipation of the Valentine Upgrade, a proposal for an SECP update to upgrade the Cardano mainnet and pre-production environment was submitted. The upgrade will be released on 11 February and will be available on mainnet on 14 February.

Last week, Cardano’s development teams also released GraphQL v.8.0.0, which is compatible with node versions 1.35.4 and 1.35.5.

Apart from the launch of GraphQL v.8.0.0, the Adrestia team also worked on extending the multi-signature feature with delegation functionality in the Cardano wallet and on DBLayer.

Furthermore, the sidechains team released the EVM sidechain proof-of-concept testnet. With this new launch, developers will be able to deploy smart contracts and dApps, connect wallets, and test token transfers between test environments.

OUT NOW: Following the latest #sidechain toolkit announcement, the #EVM sidechain proof of concept public testnet is now available! #Cardano

— Input Output (@InputOutputHK) February 7, 2023

Meanwhile, the Hydra team completed work on the Hydra V1 specification by updating graphs and adding a section about rollbacks.

Cardano’s weekly report mentioned that the team plans to make the specification more approachable and an open standard.

Realistic or not, here’s ADA market cap in BTC’s terms

ADA’s response was average

While the last week remained dynamic for the Cardano ecosystem, the same remained true for ADA’s price action, but negatively. As per CoinMarketCap, ADA’s price declined by over 10% in the last week, and at the time of writing, it was trading at $0.3591 with a market capitalization of over $12.4 billion.

ADA’s performance on the metrics front was also dissatisfactory. For instance, ADA’s MVRV Ratio decreased substantially over the last few days.

However, its one-week price volatility registered an uptick, but it could be attributed to ADA’s double-digit price decline. ADA remained a topic of discussion, though, as its social volume increased.